Steinhoff's Gerhardus Burger, who was arrested by the Hawks on Thursday morning, appeared in the Specialised Commercial Crime Court
Gerhardus Diedricks Burger was told he has to testify against his accomplicesA friend of late Steinhoff CEO Markus Jooste has been found guilty and sentenced to five years’ imprisonment for insider trading after being warned to sell his shares before the price collapsed in December 2017 and the company imploded.
National Prosecuting Authority spokesperson Lumka Mahanjana said Burger also has to testify in the criminal proceedings against his accomplices.“The court issued a confiscation order for €90,000 seized by Swiss authorities after the collapse of Steinhoff. This is after Dr Burger pleaded guilty to three counts of insider trading and was convicted of such when he appeared in court.”Insider trading
“Dr Burger thereafter sold all the Steinhoff shares held under the Dieter Burger and Lane Burger Trusts where his children are beneficiaries. He also sold 39,722 Steinhoff shares held at Stefana Overseas Ltd, where Dr Burger was also the beneficiary, on the Swiss stock exchange. Steinhoff’s former chief financial officer, Ben la Grange, who was arrested in June, was also granted R150 000 bail.Mahanjana added that the Steinhoff case, one of the biggest cases of corporate fraud in the history of South Africa, has been one of the most complex commercial crime cases that the DPCI and the NPA have had to deal with.
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